Assignment: Risk Mitigation Strategies

Assignment: Risk Mitigation Strategies

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Question Description
Risk Mitigation StrategiesAccording to the article presented by EY (“Turning risk into results,” 2013), “Our point of view is that companies with more mature risk management practices out perform their peers”. Our client experience, research and study results strengthen that perspective.” (“Turning risk into results,” 2013, p. 1). This suggests that companies that development an ERM (Enterprise Risk Management) plan -have a much better chance of managing and mitigating their business risks. So what should DRD do to mitigate these risks? EY suggests a three-prong approach which includes (1) focus on ERM (2) reducing the cost of controls (3) create value (“Turning risk into results,” 2013). Additionally, EY’s research recommends that business risks should be communicated internally and externally ensuring employees and stakeholders are made aware of the risks, risks and their acceptance levels are identified and tracked and controls are in place to capture and communicate metrics regarding the risks, and that technology is leveraged to monitor and report risks (“Turning risk into results,” 2013). Examples of Risk Mitigation StrategiesSpecifically, for DRD, this means that they may need to establish new processes to track, monitor, manage, report and communicate their risks (1) competition (2) income (3) products (4) sales distribution channels. Each risk should be owned by someone in the company responsible for monitoring and tracking specified metrics which they will measure against acceptable risk tolerances (“Turning risk into results”, 2013). Examples of metrics that DRD may need to track is the increase in the number of new competitors. This metric may help them determine at what point they believe competition could eroding their market share. In addition to developing the risks, and devising risk tolerance metrics, they need to develop a risk mitigation strategy for each risk so that they are prepared with an action plan and know when to execute it.. Conclusions In order to turn “risks” into “results”, EY has identified a multifaceted approach including; Enhanced Risk Strategy, Embedded Risk Management, Optimized Management Functions, Improve Control Processes, Enable Risk Management Communication ((“Turning risk into results,” 2013). Setting up and ERM program for many companies is very complex, due to the size and distribution of employees. However, in this case, I believe DRD actually has an advantage – as they are a small family run business with limited staff. I believe the key for DRD is to assign clear ownership of the risks, devise metrics to track, monitor and report on them, and to ensure risks are effectively communicated to employees and stakeholders.ReferencesBeamish, P (2016). Deep Roots Distillery. Richard Ivey School of Business Foundation (2016-03-09 ).Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2017). Foundations of business (5th ed.). Boston, MA: Cengage Learning.Turning risk into results – How leading companies use risk management to fuel better performance (2013). Retrieved from www.EY.COM Please complete on the study attached

Summarize the risks the company is exposed to.

What strategies can the company use to mitigate these risks or turn them into opportunities?

http://www.ey.com/Publication/vwLUAssets/Turning_r…

ATTACHMENTS Case study

Assignment: Risk Mitigation Strategies

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.

Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.

The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.

ADDITIONAL INSTRUCTIONS FOR THE CLASS

Discussion Questions (DQ)

Initial responses to the DQ should address all components of the questions asked, include a minimum of one scholarly source, and be at least 250 words.
Successful responses are substantive (i.e., add something new to the discussion, engage others in the discussion, well-developed idea) and include at least one scholarly source.
One or two sentence responses, simple statements of agreement or “good post,” and responses that are off-topic will not count as substantive. Substantive responses should be at least 150 words.
I encourage you to incorporate the readings from the week (as applicable) into your responses.
Weekly Participation

Your initial responses to the mandatory DQ do not count toward participation and are graded separately.
In addition to the DQ responses, you must post at least one reply to peers (or me) on three separate days, for a total of three replies.
Participation posts do not require a scholarly source/citation (unless you cite someone else’s work).
Part of your weekly participation includes viewing the weekly announcement and attesting to watching it in the comments. These announcements are made to ensure you understand everything that is due during the week.
APA Format and Writing Quality

Familiarize yourself with APA format and practice using it correctly. It is used for most writing assignments for your degree. Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for APA paper templates, citation examples, tips, etc. Points will be deducted for poor use of APA format or absence of APA format (if required).
Cite all sources of information! When in doubt, cite the source. Paraphrasing also requires a citation.
I highly recommend using the APA Publication Manual, 6th edition.
Use of Direct Quotes

I discourage overutilization of direct quotes in DQs and assignments at the Masters’ level and deduct points accordingly.
As Masters’ level students, it is important that you be able to critically analyze and interpret information from journal articles and other resources. Simply restating someone else’s words does not demonstrate an understanding of the content or critical analysis of the content.
It is best to paraphrase content and cite your source.
LopesWrite Policy

For assignments that need to be submitted to LopesWrite, please be sure you have received your report and Similarity Index (SI) percentage BEFORE you do a “final submit” to me.
Once you have received your report, please review it. This report will show you grammatical, punctuation, and spelling errors that can easily be fixed. Take the extra few minutes to review instead of getting counted off for these mistakes.
Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own?
Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for tips on improving your paper and SI score.
Late Policy

The university’s policy on late assignments is 10% penalty PER DAY LATE. This also applies to late DQ replies.
Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances.
If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect.
I do not accept assignments that are two or more weeks late unless we have worked out an extension.
As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.
Communication

Communication is so very important. There are multiple ways to communicate with me:
Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class.
Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.